Bermuda-domiciled life and annuity reinsurance company Martello Re is deliberating on raising at least $800 million of new equity, as per a new report from Bloomberg.
Citing people with knowledge of the matter, Bloomberg’s report noted that Martello Re has commitments from new and existing investors.
Of course, a transaction hasn’t been finalised, and the capital raise is subject to change.
Martello Re was launched in January 2022 with the backing of Massachusetts Mutual Life Insurance Company, Centerbridge Partners, and Brown Brothers Harriman.
Also backing Martello Re at launch was a pre-eminent group of institutional investors and family offices, including Hudson Structured Capital Management.
The firm came to market with an initial equity of $1.65 billion, intending to offer a differentiated value proposition to its clients.
In March of 2022, Martello Re completed its first reinsurance transaction covering $14 billion of inforce fixed annuity and fixed indexed annuity policies issued by a MassMutual subsidiary.
In June of 2023, the firm announced the appointment of Michael Baumstein as Chief Investment Officer and Chief Financial Officer, with Virginia Perinelli and Alana Rathbun both receiving promotions.
A month later, Eric Lloyd joined Martello Re’s Board of Directors.
